Shares in Just Eat (LON:JE) have been volatile in London this morning, with investors digesting the shocking departure of chief executive Peter Plumb. The move comes after the company lost its place in the FTSE 100 following the benchmark index’s latest reshuffle.
As of 09:56 GMT, Just Eat’s share price had added 0.70 percent to 663.00p, after having slumped more than five percent in early morning trade. The stock is currently outperforming the mid-cap FTSE 250 index which has slipped marginally into the red and stands 0.13 percent lower at 18,740.59 points.
Just Eat CEO steps down
Just Eat announced in a statement this morning that its chief executive Peter Plumb was stepping down, with chief customer officer Peter Duffy being appointed as interim CEO, with immediate effect. The company noted that the search for a permanent replacement would begin immediately.
“2018 was another year of strong growth for the Group. The business is in good health, and now is the right time for me to step aside and make way for a new leader for the next exciting wave of growth,” Plumb, who took the helm only in September 2017, said in the statement. His departure comes at a sensitive time for the company which is facing competition from rivals Deliveroo and Uber Eats.
Group updates on outlook
Just Eat further updated investors on its trading, saying that it now anticipated to deliver full-year 2018 orders of 221 million, revenue of around £780 million and underlying EBITDA of between £172 million and £174 million. Full-year revenue for 2019 meanwhile is expected to come in between £1 billion and £1.1 billion, while underlying EBITDA is forecast to be between £185 million and £205 million, both excluding Brazil and Mexico.
The company said that it will provide further detail on its plans at its full-year 2018 results on March 6.